Sony share price up, announces a replacement for Amy Pascal

Sony Corp named a replacement for Amy Pascal, who left Sonys movie division earlier this month following the massive cyber attack that left Sony Pictures Entertainment without its computer network for several days.

Tom Rothman is set to become chairman of Sony’s Motion Picture Group, the Culver City, California-based said in a statement today. Mr. Rothman is currently a chairman of Sonys TriStar Productions and has previously co-headed Fox Filmed Entertainment, the movie unit of Twentieth Century Fox.

Mr. Rothman was with Fox for nearly 12 years and was known for keeping costs in check and delivering on profit targets. However, the new head of the division will not be in charge of Sonys television business like Ms. Pascal.

Mr. Rothman will report directly to Sony Entertainments Chief Executive Michael Lynton, who agreed to extend its contract with Sony and change its locations to New York. Mr. Lynton is in charge of running the film, television and music businesses.

Although the company did not disclose the length on the new contract, a person with knowledge of the matter said the agreement is set to expire in several years.

Ms. Pascal is set to continue her work with the studio as an independent producer after her reputation was damaged from the released information stolen by hackers last year. Ms. Pascal is set to lead the production of the new Spider-Man, one of the companys most promising titles.

Mr. Rothman is expected to fit nicely into the role of Ms. Pascal, who was running a tight ship over the past few years with reduced spending and pay for directors and actors. Mr. Rothman has led several production like “Life of Pi” and one of Hollywoods most expensive movies, including “Titanic” and “Avatar”.

Sony is looking to shake-up its movie division after the introduction of “The Interview”, which led to the cyber assault linked to North Korean hackers as an retaliation for the movie.

“Tom has had an extraordinary career and we are thrilled to have him run the Motion Picture Group,” said Mr. Lynton.

Sony gained 0.12% on Wednesday and closed at ¥3 280 in Tokyo, marking a one-year increase of 85.73%. The company is valued at ¥3.75 trillion.

According to the Financial Times, the 18 analysts offering 12-month price targets for Sony have a median target of ¥3 375, with a high estimate of ¥5 500 and a low estimate of ¥1 750. The median estimate represents a 3.02% increase from the last closing price.